Indian State Supports Diamond Mine

October 25, 2010byDaniel Ford

The government of the Indian state of Madhya Pradesh announced its support for
Rio Tinto’s plans to build a “world-class diamond mine” there.

“Madhya Pradesh has significant mineral potential and this State Support
Agreement is a key milestone in our journey to unlock this potential,” Nik
Senapati, the managing director of Rio Tinto India, said in a statement.

Senapati
said the agreement would provide support for the state’s potential diamond
industry and focus on “opportunities for local employment, education and
training.” Development of a diamond mine would cost an estimated $500 million
but could enable Madhya Pradesh to rank in the top 10 diamond producing regions
in the world.